Data below for the year ended December 31, 2024, relates to Houdini Incorporated. Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Beginning inventory Net purchases Net markups Net markdowns Net sales Current period cost-to-retail percentage is: Multiple Choice 64.6%. Cost $ 76,000 362,610 63.9%. Retail $ 119,000 530,000 31,000 51,000 474,000

Data below for the year ended December 31, 2024, relates to Houdini Incorporated. Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Beginning inventory Net purchases Net markups Net markdowns Net sales Current period cost-to-retail percentage is: Multiple Choice 64.6%. Cost $ 76,000 362,610 63.9%. Retail $ 119,000 530,000 31,000 51,000 474,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $928,850 6,281,050 5,512,700 46,300 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Re ired 2 A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage Required 1 1. Use the retail…
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory $ 72,420 $ 142,000 Net purchases 107,100 264,000 Net markups 6,000 Net markdowns 15,000 Net sales 229,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. Please don't provide answer in image format thank you
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $ 323,040 6,300 5,400 Beginning inventory 28,500 Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Retail $530,000 14,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $85,330, the cost-to-retail percentage for 2023 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $52,320, the cost-to-retail percentage for…
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269, 500 Cost of goods sold 470,400 417,100 Multiple Choice 222.7. 251.2.
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 470,400 417,100 Cost of goods sold Multiple Choice 222.7. 251.2. 中

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 661,388 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 470,000 1,017,000 13,700 3,700 633,500
Help Save & Ex [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per unit, $79; and average income tax rate, 32 percent. E7-11 Part 1 Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare Income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your Intermediate calculations. Round your final answers to the nearest whole dollar amount.)…
The following data are available for Sellco for the fiscal yoar ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units 300 units 410 units 56 190 units Required: a. Calcuiate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodie inventory syslenk (Round unit oost ls2 Cost of Goods Scld Ending Inventory FIFO LIFO Weighted average 6. Assume hat net ancome using the weighted-average cost flow assumption is $12.300 Calculate net inceme under FIFO and LIFG (Round unit coafzcnplaE Net Income FIFO